Japan’s financial firms move ahead with blockchain bond and payment projects

One of South Korea's prominent cryptocurrency exchanges, Bithumb, has doubled down on its effort to solidify its position as a leading crypto trading platform in the country. Bithumb has recently announced its policy to offer the lowest withdrawal fees among all local crypto exchanges, while enhancing its user experience by upgrading the user interface (UI) and adding more features to its app, according to the local media outlet Kyunghyang Games.  Already one of the few qualified fiat-to-crypto exchanges in Korea and a member of Digital Asset eXchange Alliance (DAXA) – a consultation group of the top five local crypto exchanges – Bithumb aims to further strengthen its competitiveness in the market. Photo by Traxer on UnsplashLower withdrawal fees with trading fees already at 0.04%According to the press, Bithumb has announced to offer the lowest withdrawal fees in the local crypto scene to win the hearts and minds of investors. Under the updated fee policy, users are now charged 0.0008 BTC for withdrawing Bitcoin and 0.009 ETH for Ether. The exchange has also been known for offering one of the lowest trading fees at 0.04%.  Making the deposit limit increase easierBithumb has long been getting complaints from users over its relatively unfavorable user experience and cumbersome processes required to increase the deposit limit of their real-name accounts. In response, Bithumb has introduced a new in-app feature that simplifies such procedures, so that users can raise their deposit limit with ease.  Among users who joined Bithumb in March, those whose initial deposits have passed 30 days and who purchased crypto assets valued at over KRW five million ($3,700), are now eligible for the deposit limit raise, allowing them to deposit and withdraw up to KRW 500 million per day.  Enhanced user interface and user experience One of the newly added features is the "Even Faster Chart," which provides users with four times faster response times following its transition from "Web view" to "Native view."  Bithumb's Chief Operating Officer (COO), Moon Seon-il, stated that the exchange is improving its service in multiple ways, including offering the lowest fees, supporting multichain transactions and enhancing UI for users.  

BlackRock Investment Marks its Return to IndiaBlackRock, the world’s largest money manager with $9.4 trillion in assets under management, has made a significant move by joining forces with the financial services arm of Indian tycoon Mukesh Ambani.This strategic partnership aims to tap into India’s rapidly growing asset management market and marks BlackRock’s return to the country following a six-year absence.The collaboration between BlackRock and Jio Financial Services, a company built by Reliance Industries Limited, will establish a 50–50 joint venture called Jio BlackRock. BlackRock announced the collaboration via a statement published to its website on Wednesday.Photo by Naveed Ahmed on Unsplash$300 million investmentBoth companies plan to invest up to $150 million each in this venture. Larry Fink, BlackRock’s Chairman and CEO, articulated his satisfaction regarding the partnership in a LinkedIn post, emphasizing the significance of expanding BlackRock’s presence in India.Mukesh Ambani, the Founder and Chairman of Reliance Industries, is India’s richest man with a net worth believed to be in the region of $90.6 billion. The conglomerate is the country’s largest listed company by market share. Collaborating with BlackRock will likely strengthen its position in the financial services sector.The joint venture aims to leverage BlackRock’s expertise in investment and risk management, combined with Jio Financial Services’ technological capabilities and deep market knowledge. The objective will be to provide “tech-enabled access to affordable, innovative investment solutions” for Indian investors. With rising affluence, favorable demographics, and the ongoing digital transformation across industries in India, the market is undergoing a significant shift.Potential implications for cryptoThis move comes shortly after Jio Financial Services was spun off from its parent company, Reliance Industries. The digital-first service is focused on delivering innovative investment solutions to cater to the growing needs of Indian investors.While there’s absolutely no mention of crypto relative to this announcement, it may still have implications for crypto in India. BlackRock has progressed from taking a dim view of Bitcoin and crypto to now turning towards this new asset class. It recently filed an application to launch a bitcoin exchange-traded fund (ETF) in the United States. That move is considered highly significant by most market commentators.Given that Jio Financial takes a digital-first approach and that the idea of the partnership is to bring the latest financial products to retail customers in India, there’s potential for this new entity to bring digital asset-related products to that market.Indian market re-entryBlackRock’s re-entry into India’s asset management industry is not the first attempt by the US investment management firm. In 2018, BlackRock exited the Indian market by selling its 40% stake in an asset management venture to partner DSP Group, but the company recognizes the enormous potential that India presents.Over the past five years, assets under management of Indian mutual funds have doubled, reaching 44.39 trillion rupees ($542 billion) by June this year. The exponential growth in this sector highlights the immense opportunities India offers to global asset managers like BlackRock.While the launch of the joint venture is subject to closing conditions and regulatory approvals, the collaboration between BlackRock and Jio Financial Services appears to be poised to unlock the power of investing for millions of people in India.

Sleek Secures $5M seed funding to propel Web3 social networking offeringHong Kong-based startup Sleek has successfully raised $5 million in seed funding to advance its Web3 social networking platform, aiming to further the ownership economy and introduce blockchain-powered social media accessible to a broad audience.Photo by micheile henderson on UnsplashIncentivized networking through ‘SocialFi’Officially launched in April of this year, Sleek aspires to reshape human connections by simplifying networking, infusing a sense of fun and fostering productivity. The platform provides users with an expansive environment where they can exchange information, connect with new contacts and participate in incentivized networking through innovative Web3 social finance (SocialFi) business models.In essence, SocialFi employs blockchain technology with the objective of monetizing social interactions. The concept has come to broader attention in recent months as a consequence of the emergence of Friend.tech, a novel way for creators to monetize content, by way of tokenizing attention. Sleek enables users to directly monetize their content and social capital, emerging as a new generation of creators within the Web3 landscape. Sleek Co-Founder Chase Guo explained to The Block how it differs from other Web3 social networks:“Most of the time, this strategy [bootstrapping a platform using tokens or incentives] does not result in unique content generation and sustainable growth. People are here for the airdrop and leave once they cash out. Sleek took a very different approach — build a real use case first with die-hard fans.”Sleek CardAt the forefront of Sleek’s offerings is its flagship product, Sleek Card, specifically designed to empower Web3 professionals in face-to-face networking. Each Sleek Card generates a blockchain wallet and a decentralized identity for users, streamlining the onboarding process into the Web3 space.Utilizing NFC technology and a proprietary messaging bot, Sleek Card allows users to capture data and manage contacts, resulting in robust on-chain social graphs. Notably, Sleek Card has facilitated over 300,000 connections, establishing itself as a key player in the Web3 landscape. The platform has also formed strategic partnerships with prominent entities such as Solana Hacker Houses, Coinfest, Digital Art Fair and NFTNow, bringing innovative event experiences to life.Both of the startup’s founders spoke about the body of work Sleek is involved in. Co-Founder Tania Tse stated:“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably.”Chase Guo added: “Leveraging our own experiences and lessons learned, we are building applications alongside our users to power the future of Web3 social.”Looking ahead, Sleek plans to unveil an open marketplace in the first half of 2024, empowering domain experts to become creators by tokenizing their knowledge into liquid and accessible assets. This strategic move aligns with Sleek’s vision for a more equitable, user-centric and transparent digital social landscape.Broad industry backingSleek’s investor roster includes well-known names such as Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV and various angel investors. Notably, Binance Labs, the venture capital arm of Binance, invested in Sleek through the Binance Labs Incubation Program in 2022.